SEC and U.S.Attorney's offices investigate State Street for overcharging UK clients

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State Street have said the U.S. Securities and Exchange Commission and U.S. Attorney’s offices are conducting separate investigations into claims that it overcharged clients in the U.K.

Bloomberg reports that State Street paid a fine of $37.8m to settle allegations made in January by the U.K. Financial Conduct Authority that it charged clients in excess of contractual terms, the firm said today in a regulatory filing.

State Street deliberately overcharged six clients a total of $20.2m from June 2010 until September 2011, the FCA said last month. The firm “developed and executed a deliberate strategy” to charge undisclosed fees on top of agreed management or commission payments at a unit that helps institutions restructure investments, according to the FCA.

To access the complete Bloomberg article hit the link below:

State Street Says SEC, US Probe UK Overcharging Claim

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